Vietnam's National Assembly ratifies UK's CPTPP accession document

With a majority in favor, the National Assembly passed a resolution approving the document of accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTPP).

Delegates pressed the button to pass the resolution on the morning of June 25 - Photo: National Assembly Media

On the morning of June 25, with 459/460 National Assembly deputies present in favor, the National Assembly voted to pass the resolution ratifying the document of accession to the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP) of the United Kingdom of Great Britain and Northern Ireland. Previously, on behalf of the National Assembly Standing Committee, Chairman of the National Assembly's Foreign Affairs Committee Vu Hai Ha presented a report explaining and accepting the opinions of National Assembly deputies. Regarding the authority to ratify and the order and procedures for proposing the ratification of the document, National Assembly deputies all agreed that the document of accession to the CPTPP Agreement of the United Kingdom of Great Britain and Northern Ireland is an inseparable part of the CPTPP Agreement, with the content of amending and supplementing the CPTPP Agreement under the authority of the National Assembly to ratify. The order, procedures and dossiers for submitting the ratification of the document comply with the provisions of the 2013 Constitution, the Law on Organization of the National Assembly, and the Law on International Treaties. Regarding the necessity of ratification, the time of ratification and the draft resolution of the National Assembly, the National Assembly deputies all agreed on the necessity of ratification, the time of ratification of the document by the National Assembly at the 7th session and the draft resolution of the National Assembly. Mr. Ha also pointed out that the UK has committed to a higher level of market opening to Vietnam than other countries in the CPTPP, higher than the commitment of the UK-Vietnam Free Trade Agreement (UKVFTA) in a number of important contents for Vietnam.

Within the framework of joining the CPTPP Agreement, the UK will recognize Vietnam's manufacturing industries operating under market economy conditions. The National Assembly's ratification of the document at the 7th session will put Vietnam among the first 6 CPTPP countries to ratify the document, demonstrating Vietnam's positivity and responsibility in promoting bilateral trade and investment relations between Vietnam and the UK. In addition, it affirms Vietnam's role and position in the region and the world; creating new momentum for the country's socio-economic development, contributing to perfecting the legal system, and improving the competitiveness of enterprises. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed in 2018 and took effect in Vietnam from the beginning of 2019. The agreement includes 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Singapore, New Zealand, Peru and Vietnam. Together, these countries have a population of around 500 million. The International Monetary Fund (IMF) estimates that with the UK’s participation, the group would account for 15% of global GDP. The UK applied to join the CPTPP in 2021. The UK is the first European country to join this dynamic trade bloc and the first new member since the CPTPP was established, transforming the CPTPP from a Pacific pact to a truly global agreement.

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Source: https://tuoitre.vn/quoc-hoi-viet-nam-phe-chuan-van-kien-gia-nhap-cptpp-cua-anh-20240625084302452.htm